Cybersecurity

From 2015-2020 the surplus line sector held a relatively steady 25% market share. It is now over 60%.

"If you're a bad guy and you're not using ChatGPT or other LLMs to go and find vulnerabilities, you're probably not doing your job as a bad guy," said Scott Giordano, general counsel of Spirion.

Small and midsize companies remain especially vulnerable to state-sponsored cyberattacks, GlobalData says.

Business owners are realizing that they are either uninsured or vastly underinsured for cyber protection.

Companies can implement specific procedures to help mitigate the impact of some phishing and cyberattacks.

Insurers that suffer a cyberattack could encounter financial losses, business disruptions and reputational damage, the same losses their policyholders would experience.

"Breaches can be prevented when employees at every level feel they can be vocal about security weaknesses."

The firm didn't pay the hackers even though the pressure campaign got personal.